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- Title
Share the Wealth vs. Waste the Wealth.
- Authors
Pizzigati, Sam
- Abstract
A report from Americans for Tax Fairness reveals that households making over $1 million annually faced fewer tax audits in 2020 than low-income households eligible for the Earned Income Tax Credit. This shift can be attributed to members of Congress who have been cutting the IRS budget since 2010, resulting in a 92% drop in audits on millionaires. Senator Ron Widen is advocating for increased funding for the IRS to audit the wealthiest Americans, while Republicans are proposing a budget that would further reduce IRS funding. Additionally, the article highlights how loopholes in the tax code allow the super-rich to legally avoid significant tax bills, such as the ability to donate to certain nonprofits and engage in political activities without paying taxes. The article concludes by discussing the extravagant spending habits of the wealthy and the need for a more equal society.
- Subjects
UNITED States. Internal Revenue Service; EARNED income tax credit; TAX auditing; BUDGET; ELECTRONIC filing of tax returns
- Publication
CounterPunch, 2023, p246
- ISSN
1086-2323
- Publication type
Article